Canada is home to over eight million people who were born outside of Canada, and plans to attract and settle millions more in the next decade.
For those new to Canada, Toronto fintech startup Beacon wants to ease the transition and today they announced raising a $5.25 million seed round to support their launch in Canada.
Built to facilitate smooth transitions for immigrants relocating to Canada, Beacon’s initial app is a pre-arrival solution that is on a mission to support an immigrant’s first 100 days in Canada.
The Beacon App will soon include Beacon Money, an innovative, purpose-built approach to solving an immigrant’s financial needs by offering everyday financial solutions.
“When I immigrated to Canada in 2014 with my wife and infant son, we encountered many challenges and roadblocks building our lives in Canada. I knew there had to be a better solution to help immigrants settle with ease and build their future with confidence, so we started Beacon to be that solution,” said Aditya Mhatre, Co-Founder and Chief Product & Technology Officer of Beacon.
RELATED: How Beacon is Simplifying Integration for New Canadians
“We are developing a suite of purpose-built financial and technology-backed offerings that I wish had existed when I moved to Canada.”
The investment will accelerate the development of Beacon’s Super App—a comprehensive, purpose-built solution tailored to the needs of Canadian immigrants.
The seed round included prominent figures in the Canadian private and angel investor community, such as Jawl Residential Group, Wayne Pommen, Adrian Rocca, Jonathan McCain, as well as US institutional investors including MS Transverse Insurance Group.
ALSO: Beacon is hiring on Techtalent.ca
“Canada needs to do better at finding, settling, and retaining the world-class talent that our country requires. That’s why we created Beacon,” said Stuart Szabo, Co-Founder and CEO at Beacon.
“The immigration journey is often filled with frustration and confusion. Our team at Beacon is committed to solving this issue by delivering compliant, innovative financial solutions that empower immigrants to thrive. Beacon is providing the right support at the right time.”
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